Please refer to BSD Circular Letter No. 4 of 2005 on the captioned subject.

In this regard, it has been decided that, all foreign banks operating as branches in Pakistan may continue with the same external auditors or its affiliated firm(s) in Pakistan that has been appointed by their head offices, instead of rotating the external auditors as emphasized in the above referred circular letter. However, engagement partner(s) shall be rotated by the external audit firm(s) after every five years.

2. All other instructions on the subject shall remain unchanged.